Suntec Reit's Q2 DPU unchanged at 2.5 cents

SUNTEC Reit on Thursday reported distribution per unit (DPU) of 2.501 Singapore cents for the second quarter ended June 30, almost unchanged from 2.5 cents a year ago, buoyed by proceeds from the disposal of Park Mall.

Gross revenue slipped 3.1 per cent to S$78.94 million while net property income fell 7.5 per cent to S$52.67 million.

The declines were due to the divestment of Park Mall, which was mitigated by the increase in revenue from the opening of Suntec City mall (Phase 3) following the completion of the asset enhancement works.

Including a capital distribution of S$8 million from the sale proceeds of Park Mall, the distributable income of S$63.3 million was 0.7 per cent higher year-on-year.

"Despite the challenges facing the retail industry and office headwinds, we are pleased to deliver a stable and sustainable DPU for the quarter and half year," said Yeo See Kiat, CEO of ARA Trust Management (Suntec) Limited.

Suntec Reit reported a 3 per cent increase in DPU to 4.872 cents for the first half ended June 30, buoyed by the capital distribution.

The overall committed occupancy for the office and retail portfolios stood at 98.9 per cent and 97.7 per cent respectively as at June 30.